For how long will Zack have to make payments of $114.00 at the end of every six months to repay a loan of $3460.00 if interest is 4% compounded semi-annually? State your answer in years and months (from 0 to 11 months). Zack will have to make payments for ☐ year(s) and ☐ month(s).

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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For how long will Zack have to make payments of $114.00 at the end of every six months to repay a loan of $3460.00 if
interest is 4% compounded semi-annually? State your answer in years and months (from 0 to 11 months).
Zack will have to make payments for ☐ year(s) and ☐ month(s).
Transcribed Image Text:For how long will Zack have to make payments of $114.00 at the end of every six months to repay a loan of $3460.00 if interest is 4% compounded semi-annually? State your answer in years and months (from 0 to 11 months). Zack will have to make payments for ☐ year(s) and ☐ month(s).
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